The USD/JPY currency pair raised to the resistance level formed by the 200-hour SMA near 107.30.
During Tuesday morning, the pair was testing the given resistance.
Economic Calendar
This week, data releases are scheduled to start on Tuesday. However, the US CPI data sets have not caused notable moves. Normal volatility remains intact during the release.
On Thursday, the publication of the US Retail Sales and Unemployment Claims at 12:30 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
On Monday, the USD/JPY currency pair raised to the resistance provided by the 200-hour SMA near 107.30. During today's morning, the pair was testing the given resistance.It is likely that the exchange rate could gain support from the 100-hour SMA and the weekly PP at 107.50. Thus, some upside potential could prevail in the market, and the rate could target the weekly R1 at 107.61.
Meanwhile, if the 200-hour moving average hold, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
Hourly Chart
On the daily candle chart, the rate trades below the additional resistance of the 55- and 100-day simple moving averages that are located in the 107.50 area.
Daily chart
On Tuesday, on the Swiss Foreign Exchange 53% of open position volume was in short positions
Meanwhile, trader set up pending orders in the 100-pip range were bearish, as 60% of orders were to sell.